AFRICAN DEVELOPMENT INSURANCE COMPANY LIMITED V. ZUMAX NIGERIA LIMITED

HAMMA AKAWU BARKA, JCA (DELIVERING THE LEADING JUDGMENT): The facts originating this appeal appear to me straight forward. From the records it is evident that the instant quarrel between the parties arose from an insurance deal between two friendly establishments that unfortunately turned sour. The facts as narrated by the appellants are that the appellant, A.D.I.C Ltd an Insurance company, engage in Marine, Hull and Car Insurance business, while the respondent on the other hand (Zumax Nigeria Ltd) owns vessels and barges, and in the course of its business, offers his vessels to oil companies for their field and engineering services. The two parties to this appeal, entered into a business relationship in the year 1991, and in the course of that relationship, appellant provided insurance cover for the respondent's motor vehicles and vessels, two of which are the MV Ruth and MV Stella. It is further stated that the respondent adopted the practice of paying the premiums on all items insu…